BENTONVILLE, Ark. — Wal-Mart Stores is optimistic about its prospects for the holiday season, based on financial results for the third quarter ended Oct. 31, Lee Scott, president and chief executive officer, told investors yesterday.
“It is our time, and we have momentum from the third quarter,” he said during a prerecorded conference call.
Net income rose 9.8% to $3.1 million in the quarter and 11.3% to $9.6 million for the nine-month period, while sales rose 7.5% to $97.6 billion for the quarter and 9.4% to $293.3 billion for the year to date, with comparable-store sales, excluding fuel, up 3% in the quarter and 3.5% for the year to date.
Sales at Wal-Mart U.S., encompassing supercenters and discount stores, rose 6.1% to $61.2 billion in the quarter and 7.1% to $184.3 billion for the year to date, while comps, excluding fuel, were up 2.7% and 3.4%, respectively.
Sam’s Club sales jumped 7.4% to $11.6 billion for the quarter and 7.7% to $35 billion for the nine months, with comps, excluding fuel, up 4.5% and 4%, respectively.
Read More of Today's Headlines
